Sharjah, UAE (CNN) Dubai is poised to become one of the first cities in the world to accept cryptocurrency, the Dubai-based Financial Technology Authority said on Wednesday.
The UAE government approved the idea, known as the Dubai Economic Zone (DGEZ), in March, but it is currently not legal.
Dubai will start accepting bitcoin payments this month.
Bitcoin is an electronic currency created in 2009 by an anonymous computer hacker.
The digital currency can be used to buy goods and services online, and is also used to pay for goods and products that are not available in a country’s currency.
The government’s Economic Development Ministry said last month it was developing the technology and licensing the technology to other companies, including hotel operators.
The Dubai Economic Authority will begin accepting payments for goods on April 11, the authority said.
Dubais Central Bank said in May it was opening an account in bitcoin to help people save money and avoid high transaction fees.
Bitcoin has also been accepted in several other countries, including Australia, Canada, South Africa, the Netherlands, Sweden and Norway.